The Nasdaq 100 has dropped to an obvious support level (50 day MA’s & lateral visual) from the top of a Reverse Symmetrical Triangle.
NDX weekly from NFTRH 280
Other leadership indexes like the Russell 2000 (small caps) don’t look so hot either, and yet here stand the Semiconductors, with SOX still above the important breakout line and still doing its Bollinger Band creep routine.
SOX monthly, from NFTRH 280
While the April 30 year seasonal average is very green (after a final week of March, which on average is red).
April ‘seasonal’, compliments of Sentimentrader.com
Other notables: The Dow is technically constructive, S&P 500 has been rolling over a little. Along with the small caps, all of these items are above their 50 day moving averages and thus not technically bearish. As long as the Semi’s stay in the state they are in, we continue to be open to the possibility of an upside blow off in US markets. Said blow off would likely terminate the bull, ‘silver 2011′ style.
